$349k for a 1 bed, 1 bath, 743 square foot place.

Inventory is dwindling at Brix, where just 26 homes remain for sale. In addition, the community of brownstones, flats and lofts in Seattle’s Capitol Hill neighborhood is now approved for FHA loans with 3.5 percent down.

“Now that we have FHA approval, homes are selling fast,” says community sales representative Amanda Loring. “Buyers should act quickly before we are sold out.”

Brix started selling three and a half years ago and has already had to do one auction. I wouldn’t worry too much about acting quickly.

$599k for 923 square feet. Last sold in November 06 for $550k.

(Update posted via satellite Internet at Bahia de la Luna in the south of Mexico. I won’t be posting much but have some scheduled posts to come out over the next few days.)

225 NE 65th St #305

Sunday, March 14, 2010 1:00 PM – 4:00 PM
This one-bedroom unit above Latona Pub is in an awesome location. Walking distance to Greenlake, Whole Foods, and honky-tonk karaoke at Little Red Hen. What more could you ask for???

2030 Western Ave #305

Sunday, March 14, 2010 1:00 PM – 4:00 PM
I love the stained glass on this one-bedroom unit in Belltown. The listing claims it has a view of the sound, but it doesn’t show a picture. I’m guessing by the fact that it’s on the third floor that it’s got a big old view of the viaduct. On the plus side, that thing will probably crash to the ground any day now.

2033 2nd Ave #908

Sunday, March 14, 2010 2:00 PM – 4:00 PM
The price on this one-bedroom unit at Cristalla just dropped in price by $10K. It sold in 2005 for $212,492 and they’re currently listing it at $340,000. Great deal for the last buyer? Or ridiculously optimistic seller?

2814 NW 56th St Unit A

Sunday, March 14, 2010 1:00 PM – 4:00 PM
I love the big windows on this new three-bedroom townhouse. And it’s within walking distance of Archie McPhee, which is the best reason I’ve ever heard to spend $400K.

623 Aloha St

Sunday, March 14, 2010 10:30 AM – 12:30 PM
This one-bedroom live/work loft in Queen Anne has a garage door on the livingroom. Think of the possibilities!

Their new pricing:

• Studios (578 – 598 sq. ft.) will start from $244,950;
• One bedrooms (614 – 921 sq. ft.) will start from $274,950,
• One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950;
• Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
• Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950
• Three bedroom plus den penthouses (1,909 sq. ft.) will start from $799,950

Inventory will be officially released March 27th, the day before the 5th and Madison auction.

I haven’t visited either project but here are some November 2006(!) comments from a reader named Greg who visited Florera.

Disclosure: Realogics is advertising its Bulk Buy program on Urbnlivn.

100 Condo Units Reintroduced For Sale in Ballard and Greenlake; Up To 35% Off
Developer Offering Bulk Sales Discounts in Exchange for Accelerated Closings

March 9, 2010 (Seattle, WA): Executives at Pryde + Johnson will reintroduce condo sales within two partially leased buildings by offering current tenants and new buyers discounts up to 35% off original list prices. The portfolio of LEED “Silver” targeted homes is located within the Hjarta Condominiums in Ballard and the Florera Condominiums in Greenlake. Inventory will be officially released for sale on March 27, 2010 as part of a bulk sales approach whereas the seller offers a volume sales discount in exchange for quick closings.

“We’re meeting the market on price and are committed to selling through as condominiums,” said Curt Pryde, principal of Pryde + Johnson and developer of both Hjarta and Florera Condominiums. “Homebuyers will also benefit from our preferred selection, FHA financing (3.5% down payment), today’s low interest rates and other limited-time incentives such as Federal tax credits up to $8,000 (for purchases contracted before April 30, 2010).”

Anticipating the market correction, Pryde restructured debt to lease unsold homes upon delivery in 2009 – many with an option to purchase. All leases expire in 2010 and will not be extended, he said. “We’re offering unparalleled product at a tremendous value,” said Pryde. “This is reflected in attractive monthly payments and provides for capital appreciation – the law of supply and demand will put upward pressure on values over time.”

As a first phase release, 12 homes will be available for sale at Florera along with 18 homes at Hjarta (30 homes total). Additional homes will be offered for sale as they become available and after current residents consider their purchase option.

o Studios (578 – 598 sq. ft.) will start from $244,950;
o One bedrooms (614 – 921 sq. ft.) will start from $274,950,
o One bedroom plus dens (792 – 923 sq. ft.) will start from $314,950;
o Two bedrooms (1,037 – 1,447 sq. ft.) will start from $399,950
o Two bedrooms plus den penthouses (1,331 – 1,578 sq. ft.) will start from $589,950
o Three bedroom plus den penthouses (1,909 sq. ft.) will start from $799,950

Realogics Sotheby’s International Realty will represent Pryde + Johnson in their bulk sales program. The local brokerage firm drove dozens of sales at Eleven Eleven East Pike on Capitol Hill and The Decatur on First Hill using a similar volume sales approach instead of an auction. More information is available at www.CondoBulkBuy.com.

“We help sellers find the market and offer buyers auction-like prices without the gavel,” said Sam Cunningham, broker and partner in Realogics Sotheby’s International Realty. He points to numerous auctions in the Seattle area, which advertise minimum bid prices up to 60% off but after minimum reserve prices and prevailing market demand, result in sales discounts 20 – 35% off previous list prices. “Recently announced condo auctions and price drops in downtown Seattle will help draw buyers off the fence and into the greater marketplace,” he added. “Considering this highly competitive sales environment and perishable tax credits – it’s a great time to be a buyer.”
Pryde + Johnson is passionate about developing high-quality, LEED “Silver” (or above) certified communities that operate with a low carbon footprint and significantly reduce the cost of ownership. By example, more than 90% of the construction waste from Hjarta was recycled while building systems were designed with life spans that far exceed production development. Meanwhile homeowner dues for this amenity-rich project are just $0.32 per square foot per month – about half the operational cost for comparable properties. The first-of-it’s-kind, concrete-and-steel midrise in Ballard was designed to compete directly with downtown Seattle high-rises and supports a fast-growing trend to live in an urban village just outside the city core.

“We got everything right with our projects except the market timing,” said Pryde. “But what’s challenging for developers and their lenders is becoming the perfect storm for savvy homebuyers to realize an opportunity.”

The new construction pipeline has shut down and Seattle’s most popular neighborhoods will soon run short on supply, according to Pryde. “Buyers recognize these deals are as finite as the available inventory,” he added.

About Pryde + Johnson
Pryde + Johnson is a privately owned developer whose goal is to renew urban environments through building practices that protect and care for the environment, support a healthy lifestyle, bring out the beauty in nature, strengthen community ties and provide for the needs of generations to come. Each Pryde + Johnson community is recognized for offering a prime location within Seattle’s most popular neighborhoods, high design and superior quality to production development. The firm has developed more than 800 units of apartments and condominiums over recent years earning a strong reputation for sustainable construction practices, LEED-certified product and community involvement. For more information visit: www.PrydeJohnson.com.

About Realogics Sotheby’s International Realty
Having represented nearly two-thirds of the new construction condominium closings in downtown Seattle in 2008 and 2009, Realogics Sotheby’s International Realty has emerged as the local leader for sales and marketing performance in the city. Managed by Realogics, Inc., the collective presents the region’s only vertically integrated real estate solution comprised of market research, product development, marketing and sales. The firm’s Condo Bulk Buy brand has become recognized as an alternative to condo auctions. Realogics Sotheby’s International Realty is independently owned and operated by Realogics, Inc. For more information visit: www.RealogicsSothebysRealty.com or www.Realogics.com.

More than a year after the $120 million Four Seasons Hotel and Private Residences opened to considerable fanfare, a dozen firms that designed and built the ultraluxury project say they haven’t been paid in full.

They have recorded claims totaling more than $34 million against the downtown Seattle building. The largest lien, for $23.7 million, was filed in August by Lease Crutcher Lewis, the project’s general contractor.

This comes two weeks after Four Seasons announced a number of price reductions.

The lowest price per square foot in the city last week was $182 for this three-bedroom townhouse in Meadowbrook (that’s a euphemism for Lake City).

The highest price per square foot was also one of the the smallest purchase prices: $197,000 for 410 square feet. That’s $480 per square foot for a sixth floor studio in Belltown’s Gallery.

The highest purchase price in Seattle last week was $825,000 for this beach-side two-bedroom unit on Alki. So beige!

Someone who bought into Noma in Ballard in 2007 resold their one-bedroom unit for $10,450 more than they paid in 2007.

Marselle units are still selling like hotcakes with two units sold last week: a first-floor one-bedroom unit for $291,000, and a second-floor one-bedroom unit for $250,000.

Here’s the map:



(click to open a fancy interactive version in a new tab)

And here’s the list of units:

My favorite of the list is 601 Belmont Ave E Unit F9:

Love those big windows, and it’s got a pool!

We blogged about the Homborness unit last month.

Oh, and confidential to the promotors of the tour: Your non-Seattle-native slip is showing. Capitol Hill is spelled with an o, not an a.

If you want to skip registration here is the price list for the 18 units.

I’ve spoken to a few folks who are pretty excited about the auction because of the low starting bids. However, if you read the fine print you want to beware the unpublished reserve price. From their fine print:

All homes have an unpublished reserve price (Unpublished Reserve Price) which means that the seller has established an unpublished minimum selling price. The Starting Bid is not the Unpublished Reserve Price. In order to become the winning bidder of a home, a bidder must have the highest bid and meet or exceed the Unpublished Reserve Price. The highest bid is subject to acceptance by the seller (see “Subject to Confirmation” section below). With respect to a high bid less than the seller’s reserve, the high bid, resulting purchase agreement/offer are subject to the seller’s acceptance, counter-offer or rejection during the auction, in the contract room, and/or within 5 days following the auction.

So yes, a $195k starting bid for a 800 square foot 17th floor unit is likely too good to be true.

Other details to note:

• 18 units from 808 square feet up to 1958 square feet
• Starting bigs from $195k
• Auction day is March 28th. Starts at 1pm, be there by noon.
• They’ll have practice auctions on March 21st
• Registration deadline is March 25th, though you can register day of, but then you’re limited to only one unit
• Auction office is open from 10 am to 5 pm daily
• $5,000 deposit
• Buyers who close within 45 days with the preferred lender will get a $5,000 credit towards closing costs
• FHA financing available
• If you bring an agent they’ll get 2%